Casi pharmaceuticals enters into definitive agreement for the divestiture of assets in china

Beijing, china / access newswire / may 12, 2025 / casi pharmaceuticals, inc. (nasdaq:casi), ("casi" or the "company"), a cayman incorporated biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, today announced that it has entered into a definitive equity and assets transfer agreement (the "equity and assets transfer agreement") with kaixin pharmaceuticals inc. ("kaixin pharmaceuticals"), a cayman islands incorporated entity wholly-owned by dr. wei-wu he, chairman of the board of directors and ceo of the company and two direct wholly-owned subsidiaries of the company in china (the "target companies"), pursuant to which the company shall sell and transfer, and kaixin pharmaceuticals shall purchase and acquire, 100% equity interests in both target companies (the "target equity interests"), and all licensing rights, distribution rights, supply arrangements and related rights related to bi-1206 (in china), cid-103(in asia excluding japan) and thiotepa (in china excluding hong kong, macau and taiwan) (the "target pipeline products") for an aggregate purchase price of $20.0 million, which shall include assumption of up to $20.0 million of indebtedness of the company (the "transaction"). the closing of the transaction shall be subject to certain customary conditions, including resolution of certain judicial freeze on the target equity interests issued in connection with certain ongoing legal dispute of the company.
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